Hamilton had a $42,000 beginning inventory and a $50,000 ending inventory. Net sales were $190,000; purchases were $95,000; purchase returns and allowances were $3,000; and freight-in was $11,000. Cost of goods sold for the period is $97,000. What is Hamilton's gross profit percentage?

Hamilton had a $42,000 beginning inventory and a $50,000 ending inventory. Net sales were $190,000; purchases were $95,000; purchase returns and allowances were $3,000; and freight-in was $11,000. Cost of goods sold for the period is $97,000. What is Hamilton's gross profit percentage?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

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Question

100%

Gross profit percentage?

Hamilton had a $42,000 beginning
inventory and a $50,000 ending inventory.
Net sales were $190,000; purchases were
$95,000; purchase returns and allowances
were $3,000; and freight-in was $11,000.
Cost of goods sold for the period is $97,000.
What is Hamilton's gross profit
percentage?

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